کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5086712 1375266 2015 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do baths muddy the waters or clear the air?
ترجمه فارسی عنوان
آیا حمام آب را گاز گرفته یا هوا را پاک می کنند؟
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
We examine the information environments of firms following large, non-recurring charges (“baths”). We test competing hypotheses about the consequences of a bath-a bath either improves the information environment (the transparency hypothesis) or degrades it (the opacity hypothesis). Difference-in-differences analysis suggests that after a bath (1) earnings become smoother, (2) firm-level information asymmetry decreases, and (3) stock returns become more responsive to unexpected earnings. We interpret these findings as supportive of the transparency hypothesis. We also document that the relative improvement in the information environment is greater for baths that are not voluntary, consistent with managerial obfuscation prior to the bath.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 59, Issue 1, February 2015, Pages 105-117
نویسندگان
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